SunEdison Reports First Quarter Results

 


SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)



Three Months Ended,

March 31,
 2015


December 31, 2014


March 31,
 2014

Cash flows from operating activities:






Net loss

$

(424)



$

(288)



$

(616)


Adjustments to reconcile net loss to net cash used in operating activities:






Depreciation and amortization

84



97



62


Stock-based compensation

19



18



9


Deferred tax benefit

(97)



(9)



(3)


Deferred revenue

(15)



(23)



(50)


Restructuring charges

53






Loss on sale of equity interest in SSL

123






Loss on convertible notes derivatives, net





452


Loss on early extinguishment of debt

20






Long-lived asset impairment charges



34




Other non-cash

12



(10)



2


Changes in operating assets and liabilities:






Accounts receivable

82



(35)



54


Prepaid and other current assets

(33)



(78)



(31)


Accounts payable

(131)



47



(114)


Deferred revenue for renewable energy systems

18



45



58


Accrued liabilities

13



(33)



32


Other assets and liabilities

(32)



35



(70)


Net cash used in operating activities

(308)



(200)



(215)


Cash flows from investing activities:






Capital expenditures

(62)



(48)



(20)


Construction of renewable energy systems

(344)



(483)



(326)


Proceeds from sale of equity interest in SSL

188






Deposits on wind turbine equipment



(159)




Purchases of cost and equity method investments

(10)



(5)



(19)


Change in restricted cash

29



(15)



(14)


Change in cash committed for construction projects

(2)



(56)



81


Cash paid for acquisitions, net of cash acquired

(1,530)



(304)



(14)


Other

(31)



3




Net cash used in investing activities

(1,762)



(1,067)



(312)


Cash flows from financing activities:






Proceeds from short-term and long-term debt

2,386



1,333



462


Principal payments on short-term and long-term debt

(619)



(421)



(21)


Payment for capped call option

(38)






Net repayments of customer deposits related to long-term supply agreements



(12)




Proceeds from TerraForm equity offering

391



337




Common stock issued and repurchased

4



11




Contributions from noncontrolling interests

4



182



10


Cash paid for contingent consideration for acquisitions

(9)





(2)


Debt financing fees

(67)



(31)



(32)


Dividends paid by TerraForm Power

(17)



(8)




Other

(55)



(10)



2


Net cash provided by financing activities

1,980



1,381



419


Effect of exchange rate changes on cash and cash equivalents

(2)



(11)



(2)


Net (decrease) increase in cash and cash equivalents

(92)



103



(110)


Cash used by discontinued operations

(25)



(15)



(3)


Net change in cash and cash equivalents from continuing operations

(67)



118



(107)


Cash and cash equivalents at beginning of period

856



738



533


Cash and cash equivalents at end of period

$

789



$

856



$

426



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